Question

Ajay borrowed some money from Rashmi at 5% simple interest per annum and was freed of debt repaying Rs.8, 800 after 2 years. How much interest did he pay?​

Answer 1

Answer:

Given:

Amount = 8,800

rate=5%

time= 2 years

Now,

SI = ART/(100 + RT)

= (8800 x 5 x 2) / (100 + 5 x 2)

= (8800 x 10) / 110

= 800

Therefore, Interest paid by Ajay is Rs.800